GBP/USD negative below 1.7205 – Commerzbank

By FXstreet.com | July 21, 2014 AAA

FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the pair remains negative while below 1.7205.



Key Quotes



GBP/USD has started to break down from its range and we are viewing this as the market building an expanding top”.



“These are very difficult to trade, however while capped by 1.7205 the view will remain negative”.



“The recent high has been accompanied by a large divergence of the daily RSI – this reflects a loss of upside momentum and overhead lies the major resistance at 1.7300/31 – both of which suggest a more negative stance is required”.



“This resistance is a combination of a Fibonacci extension and the 50% retracement at 1.7331 (of the move down from the 2007 peak)”.



comments powered by Disqus
Related Forex Analysis
  1. GBP/USD sitting pretty despite lower CPI’s
    Forex News

    GBP/USD sitting pretty despite lower CPI’s

  2. GBP/USD technical are mixed - Scotiabank
    Forex News

    GBP/USD technical are mixed - Scotiabank

  3. Still solid GDP growth - BNP
    Forex News

    Still solid GDP growth - BNP

  4. GBP/USD extends gains, nears 1.6100
    Forex News

    GBP/USD extends gains, nears 1.6100

  5. USDOLLAR Breaks October Downtrend, GBP’s GDP Rally Fizzles
    Forex News

    USDOLLAR Breaks October Downtrend, GBP’s GDP Rally Fizzles

Trading Center